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Building a secure financial future together

How to prevent misunderstandings and lay the groundwork for mutual financial success

Embarking on a financial journey with your partner can be both exciting and challenging. Whether you’ve been together for years or
are at the start of a new relationship, planning your finances collectively can pave the way for a more secure future.
A vital first step is having open discussions about each other’s financial habits, savings, spending, income, and debts. This
transparency can prevent misunderstandings and help maintain a healthy relationship, laying the groundwork for mutual financial
success.

Importance of open communication

It’s easy to assume alignment in financial matters without having an explicit conversation. However, differences in money management styles can lead to conflicts. Discussing finances may feel uncomfortable, but it’s crucial for setting expectations and
addressing any issues early. This dialogue allows couples to create a budgeting plan that works for both and can help support a
robust financial strategy.

Setting shared financial goals

While individual aspirations are essential, establishing shared goals can strengthen your partnership and motivate both of you.
Agreeing on mutual objectives provides a focus, aiding in financial planning. For instance, if moving to a larger home is on the
horizon, consider allocating funds to a low-risk savings account, rather than investments that can fluctuate in value, to ensure that a market downturn doesn’t leave you with a shortfall for the deposit, stamp duty or legal fees. Investing in the stock market might be more beneficial for long-term goals, potentially accelerating your journey towards your financial aspirations.

Understanding tax advantages

Though not the most romantic topic, tax planning offers opportunities to maximise your financial resources. Individual Savings
Accounts (ISAs) currently allow you both to invest up to £20,000 annually (tax year 2024/25), providing tax-efficient income and
growth. This could shield £40,000 from Income and Capital Gains Tax each year. Married couples or those in registered civil
partnerships can transfer investments, to each other, tax-free, effectively doubling the Capital Gains Tax exemption. Utilising personal savings allowances is another strategy to help maximise tax-free interest earnings.

Protecting your financial plans

While it may not be pleasant to discuss, planning for unforeseen events like illness or premature death is crucial. Without proper
protection, one partner’s financial security could be jeopardised if the other is suddenly unable to contribute financially. Ensuring
adequate insurance coverage and drafting a Will can safeguard your finances and fulfil your wishes. This step is vital, especially for
unmarried couples, as they may not automatically inherit each other’s estates.

Tailored financial advice

Navigating financial planning as a couple can be complex, but with our professional advice, we can help simplify the process. By
working together to build a financial plan, you can set a solid foundation for reaching your shared goals

Want to create a comprehensive plan that instils confidence and security?

If you’re ready to take control of your financial future and want advice tailored to your specific circumstances, contact us today. Let us help you create a comprehensive plan that instils confidence and security for you and your partner.

THIS ARTICLE DOES NOT CONSTITUTE TAX, LEGAL OR FINANCIAL ADVICE AND SHOULD NOT BE RELIED UPON AS
SUCH. TAX TREATMENT DEPENDS ON THE INDIVIDUAL CIRCUMSTANCES OF EACH CLIENT AND MAY BE SUBJECT TO
CHANGE IN THE FUTURE. FOR GUIDANCE, SEEK PROFESSIONAL ADVICE.

THE VALUE OF YOUR INVESTMENTS CAN GO DOWN AS WELL AS UP, AND YOU MAY GET BACK LESS THAN YOU
INVESTED.

THE FINANCIAL CONDUCT AUTHORITY DOES NOT REGULATE TAX ADVICE AND WILL WRITING.

Adam Reeves

Author: Adam Reeves

DipPFS Cert CII (MP&ER)
Independent Financial Planner, Wealth Manager, Director

Last updated on

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Adam was quick to assess & understand my situation, and was able to discuss & communicate in a very concise and simple way the various options available to me, taking time for me to understand and clarify where necessary. My understanding & knowledge of taxation & pensions has increased significantly allowing me to feel much happier making financial decisions for the future.

Rob – West Sussex

Adam and his team undertook in-depth research into our existing QROPS schemes and clearly set out both pros and cons of transferring the funds back to the UK. Having decided to go ahead with the transfer, Adam and his team worked extremely hard to facilitate the transfer. The QROPS pension trustees were not always the most professional or responsive organisation – however we were very grateful for the perseverance and commitment that Adam showed us as clients.

Jonathan – East Sussex

Adam offered a range of financial products , the one he suggested was affordable and proved to be a good choice.  Returns on investments have exceeded my expectations, based on Adam’s advice and guidance. Profits have enabled house improvements to take place.

David - Surrey

Adam arranged an appointment very timely, he explained his role and qualifications as an IFA giving me reassurance , we went through my retirement and investment goals. Adam discussed my options explaining in great detail, I felt relaxed during our discussions allowing me to fully understand my choices. I feel very confident in the financial advice allowing me to enjoy my retirement.

I was very happy with Adam’s recommendations and explanations of financial products which would suit my retirement goals, I feel this has helped me review and reduce my financial risk as I reach retirement, leaving me feeling confident that I can enjoy my retirement plans.

Ron – West Sussex

After initial meeting Adam put together a very detailed and thorough written plan. At our second meeting he went through the whole booklet and explained everything in layman’s terms which made it a lot easier to understand.

I am very happy with everything that was suggested and put in place especially with something as big and important as pensions. Adam and his team have taken a huge weight off my shoulders and I would highly recommend their services to anyone needing help with their financial planning and pension.  Adam couldn’t have been more helpful, and even came outside his normal area to meet me on a number of occasions.

Richard - Kent

Unfortunately I had to claim on my critical illness insurance due to my wife being ill and because of the sound advice Adam gave in acquiring this insurance we ended up being financially safe through a tough time.

Steve - Kent

Adam did a review of our financial situation, confirmed that Flexible Drawdown best suited our needs as a family, and then did all the research into the best product for us. He will continue to monitor it for me. He acted extremely promptly because we had a deadline for requiring the lump sum; went out of his way arranging meetings during non-office hours, was professional yet friendly and explained a difficult subject very well.

Clare – East Sussex

Adam did a thorough review of my pension policies, clearly explained how well they had performed, how flexible they were, how the market regulation has changed, and, crucially, what the tax implications would be if I were to leave them untouched. He accurately assessed my attitude to risk and recommended an up-to-date solution that will offer me the greatest flexibility at retirement.

Greg – East Sussex
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